To develop a mechanism for a pricing of the Russian crude oil SPIMEX coordinates it’s efforts with the federal executive authorities, Bank of Russia and oil producers. A new mechanism for a pricing of the Russian crude oil is based on a deliverable futures contract.This project is aimed to set a direct market quotation of Russian crude oil without any reference to other world oil benchmarks.
After the launch of trading of the deliverable futures contract for Russian export oil (approximately the second half of 2016) delivery will be executed according to the conditions developed by SPIMEX and major Russian oil companies taking into a consideration their practice of trade. Exchange-traded futures contracts on Urals/ESPO oil grades will be performed by delivery at FOB Primorsk/Ust-Luga and FOB Kozmino respectively.
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